The new chief executive of Tenet Mark Scanlon, currently dealing with the fallout of the move to a new back office system, admits he doesn’t have a financial adviser. Not sure if, in the midst of explaining the problems, this was entirely wise. The story and viewpoint about the migration is interesting.
The Lloyds Schroders advice operation, Schroders Personal Wealth saw assets increase from £407bn to £451bn – an increase of 11 per cent in the first three quarters and quite a remarkable uplift.
The average sentence for tax evasion has increased by 10 per cent reports FTAdviser.
The Sunday Times suggest that Invesco Perpetual's Mark Barnett is facing a liquidity challenge with the proportion of unquoted stocks rising but on the numbers presented here, he is well below 5% and thus the 10% limit. (Journalists need to be a little careful in their reporting of these issues though).
Portfolio Adviser analyses the Woodford situation including the attitude of advisers who might have stuck with the manager and the risk of further big outflows if the gate had opened including the fact Hargreaves Lansdown would have been seeking around £600m invested through its multimanager funds.
Consultant Clive Waller says advisers who were keeping faith were kidding themselves.
The FT says that law firm Leigh Day is considering whether to take action against Hargreaves Lansdown over the Woodford affair with much depending on whether it crossed a line into giving advice.
The FT has also reported that HL is facing significant outflows from its multi-asset portfolios from which it cannot, of course, use the Woodford money as it will not arrive until January.
A little bit of history here. Sanlam has been asked to compensate a client it advised to invest in extremely inflexible long-term savings plans more than 30 years ago. It can't have been fun trying to dig out those records.